The global sauces market is expected to post a CAGR of more than 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global sauces market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global sauces market size is the growing demand for ethnic cuisines. The global food industry has been evolving constantly over the last several years with the introduction of unique flavors and foods by vendors in the market. This trend is mainly visible in the US market, which has a multicultural consumer demographic. Moreover, the number of new product launches featuring international flavors is increasing significantly across the world, especially in the US. This in turn is increasing exposure to different tastes and flavors thereby leading to an increase in the demand for seasonings and sauces originating from ethnic cuisines, such as Indian, Mexican, and Spanish. Therefore, the growing demand for ethnic flavors is expected to boost the global sauces market during the forecast period.
As per Technavio, innovations in packaging will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global sauces market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global sauces market: Innovations in packaging
The global sauces market is witnessing an increase in innovations in packaging with vendors using various packaging styles to differentiate their brand. Bag-in-box packaging is considered ideal for delivering cooking sauces in bulk as it reduces the risk of product damage in transit and utilizes lesser shelf space. The other trending packaging design is pouch packaging, such as stand-up pouches and squeezy pouches. This packaging design is expected to be highly used due to the convenience associated with using and storing them. Many vendors in the sauces, dressings, and condiments market are customizing their product packaging to ease transportation, differentiate their brand in the market and enable quick and easy usage. Such innovations in packaging will boost the growth of the sauces market during the forecast period.
“Apart from the innovations in packaging, other factors such as the growing preference to cook restaurant-quality dishes at home, and the increasing penetration of private-label brands will have a significant impact on the growth of the sauces market size during the forecast period,” says a senior analyst at Technavio.
Global sauces market: Segmentation analysis
This market research report segments the global sauces market by product (table sauces, culinary sauces, and others), and geographic regions (North America, APAC, Europe, South America, and MEA).
The North America region led the sauces market in 2018, followed by APAC, Europe, South America, and MEA respectively. The growth of the sauces market in North America can be attributed to factors such as the rising consumer demand for natural, healthy, and high-quality food, growing number of hypermarkets and supermarkets, increasing number of dual-income households, and various product offerings and discounts offered by e-commerce platforms.
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Five Forces Analysis
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